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Michael Blake

Jose Rivera

Yuh-Line Niou

Multi-Sponsors

Thomas Abinanti

Carmen De La Rosa

Michael DenDekker

Joseph Giglio

A8783 (ACTIVE) - Details

A8783 (ACTIVE) - Summary

Creates the digital currency task force to provide the governor and the legislature with information on the potential effects of the widespread implementation of digital currencies on financial markets in the state.

S T A T E O F N E W Y O R K
________________________________________________________________________
8783
2017-2018 Regular Sessions
I N A S S E M B L Y
November 27, 2017
___________
Introduced by M. of A. VANEL -- read once and referred to the Committee
on Banks
AN ACT to establish the digital currency task force
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The department of financial services is hereby authorized
to establish the New York state digital currency task force to provide
the governor and the legislature with information on the potential
effects of the widespread implementation of digital currencies on finan-
cial markets in the state.
§ 2. The task force shall be comprised of:
a. two members appointed by the governor;
b. two members appointed by the temporary president of the senate;
c. two members appointed by the speaker of the assembly;
d. one member appointed by the minority leader of the senate;
e. one member appointed by the minority leader of the assembly; and
f. two members appointed by the superintendent of the department of
financial services.
§ 3. The task force shall:
a. examine and evaluate digital currencies within the state;
b. identify the potential effects of the widespread implementation of
digital currencies on financial markets;
c. review the impact of the department's BitLicense program on the use
of digital currencies; and
d. make recommendations to further utilize digital currencies within
the state.
§ 4. Such task force shall collaborate with state and city of New York
agencies including, but not limited to, the department of taxation and
finance and the department of finance of the city of New York.
§ 5. The department of financial services shall submit a report, on or
before January 1, 2019, to the governor and the legislature of its find-
ings, conclusions and recommendations, and legislative and regulatory
proposals deemed necessary to implement such recommendations.
§ 6. This act shall take effect immediately.

EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD13663-02-7

Yuh-Line Niou

David Weprin

Steven Otis

Multi-Sponsors

Thomas Abinanti

Carmen De La Rosa

Michael DenDekker

Joseph Giglio

A8783A (ACTIVE) - Details

A8783A (ACTIVE) - Summary

Creates the digital currency task force to provide the governor and the legislature with information on the potential effects of the widespread implementation of digital currencies on financial markets in the state.

S T A T E O F N E W Y O R K
________________________________________________________________________
8783--A
2017-2018 Regular Sessions
I N A S S E M B L Y
November 27, 2017
___________
Introduced by M. of A. VANEL, KIM, LENTOL, WOERNER, SIMON, LUPARDO,
TITONE, RAIA, MONTESANO, RA, AUBRY, GALEF, WRIGHT, MOSLEY, BARRON,
SKOUFIS, PICHARDO, BLAKE, RIVERA, NIOU -- Multi-Sponsored by -- M. of
A. ABINANTI, DE LA ROSA, DenDEKKER, GIGLIO -- read once and referred
to the Committee on Banks -- recommitted to the Committee on Banks in
accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee
AN ACT to establish the digital currency task force; and providing for
the repeal of such provisions upon expiration thereof
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The legislature hereby establishes the New York state
digital currency task force (referred to hereinafter as the "task
force") to provide the governor and the legislature with information on
the effects of the widespread use of cryptocurrencies and other forms of
digital currencies and their ancillary systems in the state.
§ 2. 1. The task force shall consist of nine members as follows:
a. three members appointed by the governor;
b. two members appointed by the temporary president of the senate;
c. two members appointed by the speaker of the assembly;
d. one member appointed by the minority leader of the senate; and
e. one member appointed by the minority leader of the assembly.
2. The members of the task force shall receive no compensation for
their services, but shall be allowed their actual and necessary expenses
incurred in the performance of their duties pursuant to this act.
3. Any vacancies in the membership of the task force shall be filled
in the same manner provided for in the initial appointment.
4. The task force may consult with any organization, government enti-
ty, or person, in the development of its report required under section
three of this act.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.

LBD13663-03-8
A. 8783--A 2
§ 3. On or before December 15, 2019, the task force shall submit to
the governor, the temporary president of the senate and the speaker of
the assembly a report containing, but not limited to, the following
information based on available data:
a. a review of the impact of the department of financial services'
regulations on the development of digital currency, cryptocurrency and
blockchain industries in New York state;
b. the number of digital currencies currently being traded and their
approximate percentage of market share;
c. the number of exchanges operating in New York state and their aver-
age monthly trade volume;
d. the use of digital currencies' impact on state and local tax
receipts;
e. the types of investment entities that are large investors in
digital currency;
f. the energy consumption necessary for coin mining operations and
other policy considerations related thereto;
g. the transparency of the digital currency marketplace and the
related potential of market manipulation and other illegal activities;
h. a review of laws and regulations on digital currency used by other
states, the federal government, foreign countries, and foreign political
and economic unions to regulate the marketplace; and
i. legislative and regulatory recommendations, if any, to increase
transparency and security, enhance consumer protections, and to address
the long term impact related to the use of cryptocurrency.
§ 4. This act shall take effect immediately and shall expire December
15, 2019 when upon such date the provisions of this act shall be deemed
repealed.

Yuh-Line Niou

David Weprin

Steven Otis

Multi-Sponsors

Thomas Abinanti

Carmen De La Rosa

Michael DenDekker

Joseph Giglio

A8783B (ACTIVE) - Details

A8783B (ACTIVE) - Summary

Creates the digital currency task force to provide the governor and the legislature with information on the potential effects of the widespread implementation of digital currencies on financial markets in the state.

S T A T E O F N E W Y O R K
________________________________________________________________________
8783--B
R. R. 50
2017-2018 Regular Sessions
I N A S S E M B L Y
November 27, 2017
___________
Introduced by M. of A. VANEL, KIM, LENTOL, WOERNER, SIMON, LUPARDO,
TITONE, RAIA, MONTESANO, RA, AUBRY, GALEF, WRIGHT, MOSLEY, BARRON,
SKOUFIS, PICHARDO, BLAKE, RIVERA, NIOU, WEPRIN, OTIS -- Multi-Spon-
sored by -- M. of A. ABINANTI, DE LA ROSA, DenDEKKER, GIGLIO -- read
once and referred to the Committee on Banks -- recommitted to the
Committee on Banks in accordance with Assembly Rule 3, sec. 2 --
committee discharged, bill amended, ordered reprinted as amended and
recommitted to said committee -- reported and referred to the Commit-
tee on Ways and Means -- reported and referred to the Committee on
Rules -- ordered to a third reading, passed by Assembly and delivered
to the Senate, recalled from the Senate, vote reconsidered, bill
amended, ordered reprinted, retaining its place on the special order
of third reading
AN ACT to establish the digital currency task force; and providing for
the repeal of such provisions upon expiration thereof
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The legislature hereby establishes the New York state
digital currency task force (referred to hereinafter as the "task
force") to provide the governor and the legislature with information on
the effects of the widespread use of cryptocurrencies and other forms of
digital currencies and their ancillary systems in the state.
§ 2. 1. The task force shall consist of nine members as follows:
a. three members appointed by the governor;
b. two members appointed by the temporary president of the senate;
c. two members appointed by the speaker of the assembly;
d. one member appointed by the minority leader of the senate; and
e. one member appointed by the minority leader of the assembly.
2. The members of the task force shall receive no compensation for
their services, but shall be allowed their actual and necessary expenses
incurred in the performance of their duties pursuant to this act.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

[ ] is old law to be omitted.
LBD13663-06-8
A. 8783--B 2
3. Any vacancies in the membership of the task force shall be filled
in the same manner provided for in the initial appointment.
4. The task force may consult with any organization, government enti-
ty, or person, in the development of its report required under section
three of this act.
§ 3. On or before December 15, 2020, the task force shall submit to
the governor, the temporary president of the senate and the speaker of
the assembly a report containing, but not limited to, the following
information based on available data:
a. a review of the digital currency, cryptocurrency and blockchain
industries in New York state;
b. the number of digital currencies currently being traded and their
approximate percentage of market share;
c. the number of exchanges operating in New York state and their aver-
age monthly trade volume;
d. the use of digital currencies' impact on state and local tax
receipts;
e. the types of investment entities that are large investors in
digital currency;
f. the energy consumption necessary for coin mining operations and
other policy considerations related thereto;
g. the transparency of the digital currency marketplace and the
related potential of market manipulation and other illegal activities;
h. a review of laws and regulations on digital currency used by other
states, the federal government, foreign countries, and foreign political
and economic unions to regulate the marketplace; and
i. legislative and regulatory recommendations, if any, to increase
transparency and security, enhance consumer protections, and to address
the long term impact related to the use of cryptocurrency.
§ 4. This act shall take effect immediately and shall expire December
15, 2020 when upon such date the provisions of this act shall be deemed
repealed.

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